Globally, various initiatives are being implemented to shift the burden of risk borne by healthcare payers to providers. This shift promotes the adoption of healthcare information technology (HCIT) solutions (such as care management solutions) to increase the efficiency of healthcare delivered and reduce unnecessary costs.
Value-based care is also promoted through alternative payment models such as bundled payments, physician incentives, and consumer incentives, among others. These models of payment are designed to encourage healthcare providers to accept the accountability of care delivered, thus leading to the shift of risk from payers to providers.
Expected Revenue Surge:
The global care management solutions market is projected to reach USD 21.6 billion by 2026 from USD 12.6 billion in 2021, at a CAGR of 11.4% during the forecast period. The growth of this market is driven by the implementation of initiatives to shift the burden of risk from healthcare payers to providers, government initiatives and regulations promoting patient-centric care, initiatives to promote healthcare IT, rising geriatric population, and need to reduce healthcare costs are driving the growth of the care management solutions market.
Software segment is expected to grow at the highest CAGR
On the basis of component, the care management solutions market is segmented into software and services. The software segment accounted for a larger market share of 75.1% in 2020. The large share of this segment can be attributed to the increased adoption of software solutions by payers and providers to reduce readmissions, increase cost-effectiveness, improve operational efficiency, enhance patient engagement, and aid data integration and analysis.
Cloud-based segment to register the highest CAGR
Care management solutions are delivered to end users through the on-premise and cloud-based modes of delivery. The on-premise solutions segment accounted for a larger market share of 64.8% in 2020. The advantages offered by the on-premise mode of delivery, such as customization of solutions, reduction in the risk of data breaches, and the ability to reuse existing servers and storage hardware, are supporting its increased adoption in the care management solutions market.
North America To Witness Significant Growth From 2021 To 2026
In 2020, North America accounted for the largest share of the Care Management Technology market. The large share of North America can be attributed to the increased adoption of care management solutions by healthcare providers and payers to meet the healthcare goals of better quality care and lower healthcare costs. Also, several major global players are based in the US, owing to which the US has become a center for innovation in the care management solutions market.
Some of the prominent players operating in the Care Management Technology market are EXL Service Holdings, Inc. (US), Casenet, LLC (US), Medecision Inc. (US), ZeOmega Inc. (US), Cognizant Technology Solutions (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), and Epic Systems Corporation (US).
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